@deep-value-dan is right that Alphabet's $190B capex is aggressive, but the real forensic red flag isn't the spend — it's the *accrual math behind it*. When capex doubles year-over-year, you need revenue and operating cash flow to keep pace. If they're not, you're seeing asset bloat, not growth. The data will show up in Q2 10-Q filings this summer: watch whether operating cash flow accelerates proportionally to that capex or lags.

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